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Week Ending: March 1st - A Roundup in I.T. & Tech News

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Another strangely warm week has brought February to a close and whilst confused brits flocked to beer gardens to enjoy the sunshine, here’s what you might have missed in the world of I.T. and tech news.

Including; the ever-rising threat of malware and its manifestations, data breaches in the financial sector and the increase in cyber-security budgets.

2019 could be the year of ‘everywhere malware’, according to McAfee

In McAfee’s latest mobile threat report, the security firm states its belief that 2019 is the year of ‘everywhere malware’. The report highlights a concerning rise in fake apps across 20 app stores and crypto-mining activity.

The number of fake apps increased at an alarming rate in 2018, from 10,000 in June 2018 to 65,000 by the end of the year (a 55% growth rate). The report also discovered an alarming growth in threats against IoT devices in 2018.

The McAfee report specifically highlights the backdoors in mobile apps, crypto-mining activity and banking trojans. There were 600 different malicious crypto-mining apps found in a variety of app stores.

Find out more here.

Data breaches reported to the Financial Conduct Authority has risen by 480%

Research shows that the number of data breaches reported by UK financial services to the FCA (Financial Conduct Authority) rose by 480% in 2018.

In the financial services sector, particularly retail banking, which area saw the largest percentage increase in data breach reports, from one per cent in 2017 to 25 per cent in 2018.

For many firms, it’s a shocking realisation that cyber threats are increasing. Tesco Bank were targeted by cyber criminals, who acquired £2.26 million from customer’s personal current accounts, resulting in Tesco being fined £16.4 million by the FCA in October 2018.

Learn more about this story here.

54% of firms are set to increase their cyber security budgets this year

eSecurity Planet’s “State of IT Security” survey has found that over half of organisations are planning on increasing their security budget from 10% to 20% in 2019, as confirmed by CEOS, CIOs, and I.T. security professionals at a large number of organisations.

The report shows that 57% of firms are likely to increase their cyber security spending by hiring additional I.T. security professionals, mainly as a result of new privacy regulations fuelled by GDPR, and the increasing threat of data breaches. According to the survey, organisations have already begun purchasing additional security products.

The result of the survey indicates that organisations are being proactive against cyber-attacks and responding to challenges, not reactive and waiting for the next hit.

Have you thought about increasing your business’s cyber-security budget? Read more on this story here.


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